Core Viewpoint - The Guangdong Provincial Government has released a notification aimed at deepening the reform of the investment and financing system, focusing on clarifying government investment responsibilities, stimulating social capital investment, and expanding diversified financing channels for projects [1][2]. Group 1: Support for Private Capital in Major Projects - The notification emphasizes the need to enhance the cultivation and application of infrastructure Real Estate Investment Trusts (REITs), supporting more eligible private capital projects to issue infrastructure REITs [2][4]. - Currently, there are 66 publicly listed REITs on the Shanghai and Shenzhen stock exchanges, primarily focused on infrastructure projects such as parks, transportation, and affordable rental housing, with many assets located in cities like Guangzhou and Shenzhen [2][3]. Group 2: Future Focus Areas - Future efforts will concentrate on sectors such as railways, highways, ports, airports, water conservancy, nuclear power, thermal power, charging stations, energy storage, advanced manufacturing, and modern facility agriculture, aiming to attract private capital for project construction [3]. Group 3: REITs Expansion and Financing - REITs are recognized as innovative financing tools, with the potential for future expansion to serve as a refinancing channel for invested assets. Some public REITs have already completed expansions, indicating a growing interest in this area [4]. - From the initial public offering of REITs to the present, four public REITs have undergone expansion, including CICC ProLogis REIT and Bosera Shekou Industrial Park REIT [4]. Group 4: Challenges and Considerations - The issuance of REITs requires credit ratings, and attracting institutional investors necessitates high credit and returns, making it challenging for private capital projects to meet these criteria [5]. - The unique expansion mechanism of REITs may impact the equity structure of original rights holders, raising questions about whether private capital can accept such changes [5].

Group 1 - The development of C-REITs has progressed through three phases: exploration and cultivation (2004-2019), pilot phase (2020-2024 H1), and normalization phase (2024 H2 onwards) [1][9] - The C-REITs market has seen a total of 65 listed REITs with a total market value of 190.9 billion as of April 21, 2025, with the top three asset types being transportation infrastructure (32%), park infrastructure (16%), and consumer infrastructure (16%) [9][14] - The regulatory framework for C-REITs has evolved to include a multi-department collaboration model, with the National Development and Reform Commission (NDRC) overseeing project compliance, the China Securities Regulatory Commission (CSRC) managing product registration, and exchanges ensuring listing and information disclosure [2][20] Group 2 - The issuance process for C-REITs consists of four main stages: preparation, application and review, registration and issuance, and listing management, with a focus on improving efficiency and ensuring investor protection [3][19] - The normalization phase aims to shift from "scale expansion" to "quality improvement," optimizing the market ecosystem and promoting a multi-tiered REITs market system [4][22] - The NDRC has expanded the asset scope for C-REITs to include 12 categories, enhancing the flexibility of fund usage while prohibiting the use of recovered funds for residential development projects [4][24]